Issue |
E3S Web Conf.
Volume 535, 2024
XIII International Scientific and Practical Forum “Environmental Aspects of Sustainability of Construction and Management of Urban Real Estate” (ESCM-2024)
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Article Number | 02018 | |
Number of page(s) | 9 | |
Section | Construction Project Life Cycle Management: Technologies, Economics, Expertise | |
DOI | https://doi.org/10.1051/e3sconf/202453502018 | |
Published online | 11 June 2024 |
Taxes on real estate- an effective economic management tool in many countries worldwide and lessons for Vietnam
1 Hanoi University of Civil Engineering, 55 Giai Phong Street, Hai Ba Trung District, Hanoi, Vietnam
2 University of Westminster, 309 Regent Street, London W1B 2HW, UK
1 Corresponding author: doanhaiuyen99@gmail.com
The state budget is a crucial political task for governments, with taxes being a significant source of revenue. In developed nations, property taxes constitute the primary source in total tax revenue and local budgets. Vietnam currently does not levy property taxes on real estate but only imposes taxes on agricultural land use and non-agricultural land use based on very low predetermined land values. Introducing property taxes not only generates a substantial and sustainable source of revenue for the budget but also helps curb speculation in land and real estate, promoting transparency in asset ownership. Due to a lack of comprehensive and standardized legal, technical, and economic statistics, and the rapidly changing market prices for land and real estate, formulating property tax laws in Vietnam has been challenging. Despite significant differences in conditions compared to other countries, property taxes are deemed essential in the near future. Researching theoretical foundations and the experiences of other nations in real estate tax laws, especially those undergoing economic transitions like Vietnam, is crucial. It is known that this tax has been under thorough examination to gradually develop, enact, and implement it in line with practical needs and, most importantly, to garner public and societal consensus.
Key words: real estate / real estate prices / property tax / non-agricultural land use tax / property tax
© The Authors, published by EDP Sciences, 2024
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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